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Noted definitions:

  • ‘The study of the general methods by which men co-operate to meet their material needs’ (Sir William Beveridge);
  • ‘The study of mankind in the ordinary business of life’ (A. Marshall);
  • 'Ascience which studies human behaviour as a relationship between ends and scarce means which have alternative uses’ (L. Robbins);
  • ‘Economics investigates the arrangements between agents each tending to his own maximum utility’ (F.Y. Edgeworth);
  • ‘Wants, Efforts, Satisfaction - this is the circle of Political Economy’ (Frederic Bastiat);
  • ‘Not a gay science … what we might call … the dismal science’ (Thomas Carlyle).

Macroeconomics or Microeconomics?

*Note that there is a page on the guide devote to each sub-discipline.*

"The subject is normally divided into microeconomics and macroeconomics. In both branches, certain operating standards are pursued: theorizing, collecting and analysing facts, and then re-examining theory in the light of them. Throughout this (never-ending) process, economics is concerned to develop general propositions that can be applied in a variety of countries, periods, and circumstances and still hold good. That is why it claims to be a ‘science’, even though it is almost impossible to set up a laboratory experiment in the way that physical scientists can arrange every day."

Stock Markets

Occupy: Protest photo of young woman in Paris. Daniel Finnan. 2010 Jun.

Photo: Daniel Finnan. "Money Gag". United for Global Change rally. Paris, France. 2010 Jun. Flickr Creative Commons. Web.

Economics @ Madison College

Economics of Happiness

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